First mobile money service launched in Myanmar

Myanmar Mobile Money in partnership with Mobilemate Telecommunication has launched Myamar’s first mobile financial services using a solution provided by Oberthur Technologies (OT), the French vendor announced in a press release. The banking service is based on OT’s ‘MoreMagic m:Wallet’ product and enables person-to-person transfer, withdrawals and deposits as well as salary disbursement and merchant payments. Available in both Myanmar and English, the new service is supported by state-backed cellco Myanmar Post and Telecommunications (MPT) and Myanmar military-owned virtual provider MECTel. Myanmar Mobile Money is looking to target the more than 80% of the Myanmar population currently without access to banking services. The new offering falls in line with government initiatives to leverage telecommunications infrastructure to increase the availability of financial services and, as such, has received the support of the Central Bank of Myanmar.

Pankaj Gulati, CEO of MoreMagic, a division of OT commented on the development: ‘We are really proud to enable our customer to close the gap that the majority of the population faces thanks to our end-to-end mobile money solution. The ability to pay and transfer money with their mobile phone already transforms the everyday life of the less privileged, as they can conduct transactions anytime and anywhere and now have access to economic activities in which they formerly did not participate.’